To consider and approval of the audited financial results for the year ended 31st March,2025
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Constronics Infra Limited reported audited financial results for Q4 and FY ended 31 March 2025. Total income surged to Rs. 5,251.34 lakhs in FY25 from just Rs. 126.22 lakhs in FY24, while net profit jumped to approximately Rs. 384.62 lakhs from a very small base. The statutory auditor B. Thiagarajan & Co. issued a qualified (modified) opinion, flagging that Rs. 5.87 lakhs in cash shown under current assets was seized by an investigating agency in a matter not related to the company's business; no provision was made, which would have lowered reported profit before tax to Rs. 431.59 lakhs instead of Rs. 437.46 lakhs. The company raised Rs. 26.60 crores via preferential equity allotment and issued 30.09 lakh convertible warrants at Rs. 110 each, partly funding an investment in an SPV for a solar power plant. Despite the profit growth, the company reported negative operating cash flow of Rs. 1,819.77 lakhs, largely due to increases in inventories, receivables, and other financial assets.
Strong top-line and profit growth is encouraging, but the qualified audit opinion, seized cash not provisioned, and heavy negative operating cash flow are red flags. Shareholders should note that profits may not yet translate to healthy operating cash generation, even as the company expands into solar power.